A few years back, Pinto and AEI unveiled a new mortgage product called the Wealth Building Home Loan, which was intended to provide an affordable mortgage option for low- and middle-income borrowers.
Acting Ginnie Mae President Michael Bright: “If they don’t have money to make principal and interest payments to investors every 20th day of the month, then Ginnie MBS are in trouble.”
In January, the government-sponsored enterprises and Ginnie placed their guarantees on $102.48 billion of new single-family MBS, a modest 6.9 percent decline from December.
The firms that have been warned by Ginnie are: Cardinal Financial, Flagstar, Freedom Mortgage, JG Wentworth, loanDepot, Nations Lending, New Day Financial, SunWest Mortgage and Texas Capital Bank.
FHA and VA single-family originations fell in the fourth quarter of 2017 due to a decline in purchase mortgage originations that was offset somewhat by an increase in refinance business. FHA endorsed $237.3 billion in forward single-family mortgages in 2017 notwithstanding an 11.9 percent drop in the fourth quarter. FHA production also dropped 7.1 percent year-over-year. Market observers attributed the decline in FHA originations to high mortgage insurance premiums, stiffer competition from private lenders’ low-downpayment programs, and a more aggressive conventional-conforming mortgage market. A new analysis by Inside Mortgage Finance also found that government-backed lending and the jumbo market saw the biggest production declines from the prior quarter. In particular, IMF’s research found that FHA, VA and U.S. Department of Agriculture rural-housing originations fell ... [Charts]
RSS